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House of Representatives

Taxation Laws Amendment Bill (No. 3) 1991

Taxation Laws Amendment Act (No. 3) 1991

Supplementary Explanatory Memorandum

(Circulated by the authority of the Treasurer, the Hon. J. Kerin, M.P.)

General Outline and Financial Impact of the Amendments

The amendments will amend the Taxation Laws Amendment Bill (No. 3) 1991 to:

·
simplify the calculation of provisional tax for 1991-92 for those taxpayers who are within the provisional tax system because of a shortfall in pay-as-you-earn tax deductions from salary or wages income received in 1990-91 [amendment (6)] ;
·
reduce the franking credit that arises to a non-mutual life assurance company for an initial or subsequent payment of tax, and the franking debit in the case of a refund, by the application of a formula that uses the current year's tax liability [amendments (1), (2), (3), (4) and (7)] ; and
·
include a provision in the capital gains tax (CGT) legislation to enable shareholders in companies in liquidation to realise capital losses on valueless shares [amendment (5)] .

The amendments will have no significant impact on the revenue.


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